Yes, it is possible.
Here you will find more information how to configure token lifetimes.
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Using MFA Server with ADFS Adapter
If a MFA enabled user changes their password, email is still accessible on phone without having to change password, assuming until token expires.
I have read with Azure AD the refresh token would require the device to re-authenticate, I cant see an option to achieve this using MFA Server & ADFS.
Is this possible?
Yes, it is possible.
Here you will find more information how to configure token lifetimes.